SeaTwirl (STW) Q1 2026 earnings summary

Executive summary

• Team size doubled since year-end through strategic hires in technology, project management, finance, supply chain, and business development to accelerate the VERTI-GO project.

• New CFO appointed in February, responsible for communication and investor relations.

• Strategic partnerships advanced in Chile, Japan, and Canada to support project development and local manufacturing.

• Organization consolidated in Gothenburg to enhance collaboration and project execution.

• Focus remains on scaling up, technical progress, and preparing for the first commercial installation.

Financial highlights

• Net sales reached 766,836 SEK (0 SEK last year), mainly from a feasibility study in Chile.

• Operating loss was -4,101,576 SEK, a slight improvement from -4,399,611 SEK year-over-year.

• Cash flow for the period was -6,043,177 SEK; cash and cash equivalents at quarter-end totaled 79,875,411 SEK (41,437,243 SEK last year).

• Equity at quarter-end was 95,566,341 SEK (126,053,136 SEK last year).

• Period result was -4,101,062 SEK.

Outlook and guidance

• Focus remains on advancing the VERTI-GO project, securing the first commercial installation, and maintaining financial strength.

• Continued pursuit of grants and cost control, with ongoing evaluation of financing alternatives.

• Strategic partnerships and preparations for future project phases, including financing, are being intensified.

• Financial discipline, cost control, and efficient resource use remain priorities.